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We have enough reserves to manage forex volatilities- BoG - The Ghanaian Chronicle thechronicle.com.gh - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thechronicle.com.gh Daily Mail and Mail on Sunday newspapers.
The Reserve Bank of India (RBI) reduced its gold purchases in 2023, marking the lowest level since it began accumulating gold in 2017, due to a strong US dollar. By December 2023, the RBI s gold holdings increased to 25.84 million troy ounces, up from 25.32 million troy ounces a year earlier. This slight increase contrasts with previous years when larger quantities were added. The RBI s gold accumulation strategy, initiated in 2017, aimed to diversify its foreign exchange reserves. ....
Demand for gold jewellery in 2023 dropped by 6% to 562.3 tonnes compared with 2022, WGC data released on Wednesday showed. The year, however, saw an improvement in gold investment demand, which increased by 7% to 185.2 tonnes, as consumers saw an investment opportunity in the uptrend in prices. ....
China imported a record high 1,447 tonnes of gold for non-monetary use last year, with the middle class attempting to preserve their dwindling fortunes caused by the property market crisis and slumping stock market. ....
For years, governments have slowly retreated from investing in the US dollar, shifting their assets into other currencies or buying up stable liquid assets like gold - a trend labeled “de-dollarization” by observers. ....